Seoul: South Korean stocks opened higher Thursday after the U.S. administration agreed to delay auto tariffs on Mexico and Canada. The benchmark Korea Composite Stock Price Index (KOSPI) gained 19 points, or 0.74 percent, to 2,577.13 in the first 15 minutes of trading.
According to Yonhap News Agency, major U.S. shares rebounded overnight as investor sentiment improved following the Trump administration's decision to suspend new auto duties on Mexico and Canada for a month. The suspension also signaled a willingness to engage in further tariff negotiations. This positive development led to the S and P 500 gaining 1.12 percent, the Dow Jones Industrial Average increasing 1.14 percent, and the tech-heavy Nasdaq rising 1.46 percent.
In Seoul, technology giant Samsung Electronics saw an increase of 0.37 percent, while competitor SK hynix experienced a slight decrease of 0.05 percent. Leading battery manufacturer LG Energy Solution experienced a significant jump of 2.25 percent, and steel company POSCO Holdings rose by 5.61 percent.
The automotive sector showed strong performance as well, with Hyundai Motor climbing 2.26 percent and its affiliate Kia advancing 2.92 percent. Financial shares were also on the rise, with KB Financial increasing 2.35 percent and Shinhan Financial adding 3.47 percent.
Conversely, major defense firm Hanwha Aerospace dropped 1.29 percent. In the shipbuilding sector, Hanwha Ocean and HD Hyundai Heavy both experienced declines, losing 0.75 percent and 0.79 percent, respectively.
The local currency showed strength, trading at 1,443.8 won against the dollar at 9:15 a.m., marking a notable increase of 10.7 won from the previous session.